Coinbase announced its entry into the Indian market

The company plans to work on developing and expanding the crypto and web3 community

08.04.2022 - 09:30

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2 min

What’s new? The CEO of the US cryptocurrency exchange Coinbase, Brian Armstrong, has announced the platform’s entry into the Indian market. To this end, a series of events were held for the local crypto community, and a partnership with Buidlers Tribe, a web3 startup incubator, was concluded.

Source: Twitter.com

What is known about Coinbase’s plans? Brian Armstrong stressed that his company has already invested $150 million in Indian crypto companies. Coinbase has opened a tech hub in the country in 2021 with 300 employees in various states. The immediate plans include hiring more than 1000 additional professionals by the end of 2022.

According to Armstrong, the exchange’s entry into the Indian market will not be a straightforward road to technology adoption. The company plans to expand its cooperation with banks and regulators, and most importantly, people who are interested in the field of cryptocurrencies.

What had happened before? On April 1, 2022, the crypto tax law came into force in India. Indians have to pay a capital gains tax of 30% on crypto transactions. Also, Indian residents have to pay a 1% tax deducted at source (TDS) and taxes on crypto gifts.

Coinbase is the largest US cryptocurrency exchange, founded in 2012 by Brian Armstrong and Fred Ehrsam. In 2021, Coinbase’s shares began trading on the US NASDAQ exchange. The trading platform became the world’s first public cryptocurrency exchange.

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